pan did vikram pan well, welcome back to cnbc's special coverage, tonight's coverage of the second presidential debate, jim cramer's "mad money" will be on in half an hour. sarah fagan, top aide, jim nusso, former omb director, thanks for your time. let me kick this off with you, trying to get a sense of how this debate tonight impacted the independent. what do you think the independent says after hearing both sides tonight? >> yeah, i think that is the
right question, because i think both candidates appeal to their base. that was job one, for both candidates, and different from the first debate i think president obama performed well in energizing his base. second thing they had to do was appeal to the independent voters, the undecided voters, more especially, the people in the audience asking questions. and people who at home, believe it or not, who still have not made up their minds, in that question, i think for mr. jones, if you go back and look at the tape when he asked the question of president obama about why, when he voted for him four years ago, he has been disappointed and what has he done and what is he going to do in the future? the president did a great job of rattling off some of his debate jobs that were important. but i think the tenor, still again, for the independent voter and undecided voter did not lay out a plan for the future. and i think that is going to set
the tone for the last couple of weeks of this campaign, and that is going to be a difficult hole for him to dig out of. so i think the president did much better, obviously, than the first debate. but i think at best, this is a draw, and i think because of the undecided voters being the key here, i think this possibly was a mistake for the president not to appeal to them more directly. >> sarah, they were in each other's face tonight, i wonder how that plays well with undecided women. >> well, i don't think it plays very well, but to jim's point, and to the follow-up of the question, which really i think was helpful for romney with the independent voters he gave a devastating critique of obama's tenure in office, all the things he did from obama care, to dodd/frank, and then all the things he didn't do. social security reform, medicare reform. >> would it have been a great chance for the president to
mention housing recovery, which most would agree was in the first stage, didn't mention it? >> i think it was mitt romney's strongest answer in the entire debate. i think he did a great job as jim nelson pointed out as listing his accomplishments, the jobs, the private sector job growth, he mentioned the war in iraq, the osama bin laden attack. i think he was successful throughout the night, because on every question he pivoted and turned it into an attack on mitt romney, which is something he completely failed to do in the first debate. it was a much more forceful debate for him, for the undecided. ultimately, i don't think there are that many undecided voters. >> well, he was on the attack, no doubt about it, much more aggressive, but larry's point about a lack of plan. >> right. >> how does that play on the independents? >> yeah, i think, again, i don't think the president laid out a real future agenda. and i think that is the problem
he has had from day one. the whole campaign is about defense, and i agree with you that he made a good attempt to defend his economic situation. i also agree with sarah, that romney just ripped that apart. but obama came alive. there is no question about that. >> and on the sort of reflective is your way we took on cnbc.com, the results, i think it is a late surge for the president. yes, obama 56, romney, 39, and -- >> can i jump in here? >> why, i don't know why romney, this is something that troubles me. two things that he didn't do this time around. romney has good position on spending cuts, spending cuts are politically popular and also economically good, in my opinion. and two, in the other debate, romney really made a strong effort. he said i will cross the aisle to make a deal with respect to entitlements and tax reform, and even the fiscal cliff. he never got to that point tonight. and i think it detracted from
his own arguments. >> which is something a lot of people care about, because of the divisiveness in the country, and the class war fare. we want to get to jared, go ahead jared -- >> i don't know that anybody has quite said this as flatly that i'm going to say this. i think obama won this hands-down, i really think he was strong, not just stronger than he was, but stronger in many of the areas that some of us commentators have missed. on women, the hispanics, he hit the base really hard. some of those folks felt disparity, i think he needs to show up on that. larry, i think you made a great point, but it is not valued. but what obama tried to do at the opening of this debate was really lay out a plan, he talked about manufacturing, he talked
about exports and tax incentives, education, opportunity and fiscal ideas that will truly get the budget on the sustainable path. i just thought he was firing on all cylinders, did a great job, the last hour was terrible for mitt romney, both on benghazi -- >> let's talk to rob portman, a member of the senate budget committee, john, over to you. >> maria, thank, senator portman, i know you don't have a lot of time. but plainly, president obama was a lot stronger this time around. how does this net out in your home state of ohio which could be the key to the election? >> i do think that president obama came out swinging, we expected that. he indicated he would do it. he certainly did, but i would agree with the comments on that i -- that i heard on the panel, he came out swinging, but he
didn't provide a base for the future. he changed his style, and what independent voters in ohio are going to look for is what are you going to do? i thought mitt romney did a wonderful job, he had a devastating description of what happened in the last four years, but secondly, he laid out a positive agenda. >> we talked about tax reform earlier. >> only one candidate laid out a pro-growth tax reform proposal. to create jobs, all president obama could do was critique it. >> what did you think as a republican member of congress to the line the president used tonight, and said, where mitt romney was saying me, too, to the republicans in congress. >> i thought mitt romney did a great job talking about, his five points he talked about are all new, pro growth, pro jobs,
so if you were an undecided voter, what did you hear? president obama not defending -- >> who are the people in your home state? >> well, frankly, some of them voted for president obama, some are women, frankly if you look at the polling today it looks like we're very close in terms of women now, in national polling, but it is people who last time around did vote for president obama, they're not happy, just as the questioner said tonight, i'm not happy with the way things are going in the next four years. give me some hope that things will be different. i don't think president obama did it tonight. he was not able to defend his record, but also was not offering anything new. he talked about the same policies he tried for the last four years, for the next four years. one thing he did say, he would raise taxes. >> guys before we let senator portman go, maria, one more question. >> senator, you help attend governor through the debate prep. did the deployment over the argument over benghazi and libya
go to way you expect expected it to? >> well, yes, i think people will look at the administration and know the president didn't call it an act of terrorism. as you know, after the fact, they sent the president on sunday shows to say -- including "meet the press," to say it was not an attack, including on a youtube demonstration, even though everybody knew that it was a terrorist attack. we now know that the act was terrorism, by an al-qaeda-affiliated group. so that was the point that governor romney was making. and i know that president obama said i take full responsibility. but frankly the american people wonder why was the security not there? and why was the administration intent on portraying this image, you know, creating this image that was not accurate for so long? and so i think that is what is going to happen, people will look into this issue and learn more about it. it is not going to help president obama, i think it will
raise more questions. >> i -- one of the things that struck me watching governor romney on libya was that he looked a little taken aback by how strong the president came out and took responsibility. i think republicans were surprised by that. i was. at the same time, he didn't make the connection to 911. this is one of romney's missed opportunities tonight. is he did not 25 miles from wall street, from the wonrld trade center, make the connection. >> i thank the senator for joining us, austin, good to have you back. >> thanks, good to be here. >> clearly, he was more engaged this time, although some people are calling this a bit of a wash. was it enough for you? >> i think the president did a much better job this time and reminded us of a couple of
fundamentals, which is the world didn't start in 2009. it was the bush administration that led to this collapse, particularly the unfunded bush tax cuts that really put us in a permanent deficit position. it is not something that president obama invented. and secondly, as you know i'm a huge fan of what president obama did on the auto industry, and he reminded us of this. it was not a bailout, but a restructuring, and the important difference, unlike where they gave the banks a lot of money, president obama went in and fired the board and restructured the companies. nobody was going to put money into gm or chrysler until there was a change in top management. the same thing that bill ford did for himself at ford. if they had done that. it would have been successful. and he really made that, they're up from annualized run rate, from 9 million, it is a big success story. he reminded us of that. and finally, i thought one of
his best lines was mitt romney fundamentally has a one-point plan, which is cut taxes for rich folks. bush took the level down from 14% of gdp, we haven't had a government in almost 50 years that could survive on that, they were unfunded. >> that was on the depth of the recession -- >> from -- revenues, and the explosion in revenues really came from the collapse of gdp. >> larry kudlow. >> stay with me on this, if you look at this, lower tax rates, on capital gains and personal dividends, which were across the board actually produced a higher level of revenues until -- >> it did not, larry. >> larry, i think you're wrong about that. >> 17.4% was the average revenue. >> larry, tax cuts lose revenue. >> if you -- >> larry.
>> you just need to go look at the book, i'll send you the numbers. >> i'll be happy to quote the numbers, the revenue went up -- >> you're talking about -- not a percentage of gdp, the center of -- >> i beg your pardon. >> the unemployment rate went down and when he cut capital gains tax, we had almost an immediate increase in revenues. >> and -- >> and -- >> that i don't like, but i got to give him credit. >> the debate about small business tonight is -- both sides are saying that they are impacting small business. the president kept saying that he is cutting taxes for small business, and yet raising taxes on the highest earners does impact small business. >> 3%. >> given that they. >> 3%. >> yes, but they job creators, because they are paying the tax, they are paying the tax -- they are paying the ordinary income
tax. >> the equity -- >> a different piece of legislation. >> you know what, we can't even hear anybody, because everybody is talking at once. go ahead, keith. >> you know, you talk about small business, this is the president, i know that carl said this happened before, he cut taxes 18 times for small business under this administration. and it -- there are actually tax cut incentives in the health care reform. and in terms of the 3% of small businesses that actually make more than $250,000 a year, you're talking about a very small fraction of businesses. >> what romney said in the last debate that is the fraction that is creating jobs. >> the obama care -- >> he -- >> obama care is raising marginal tax rates on a permanent basis, to the same -- >> now you're going beyond -- i know, but you're not including a
0.9% payroll tax hike and a 3.8% tax rate on investment. that raises the top marginal rate to close to 45%. >> larry, all that means. >> what you have to do -- >> all that means. >> to consumers and the smaller end of small business. >> can i -- get a word in here, please? okay, look, all that means, it is small -- small businesses get to deduct the cost of compensation, the higher marginal tax rates on small businesses increases the amounts with which they can deduct the compensation of new hires. that is not a small business -- >> you're wrong, i beg your pardon. the increase in the marginal tax rate on capital gains and dividends is going to drive down investment and drive down capital formation, you are going to effect double and triple tax and capital, because already been taxed once as corporate --
>> we're going to continue this conversation, carl. >> all i know was that was the smartest conversation on tv tonight. the candidates throwing out a lot of stats and figures. >> and scott cohen will be back with facts and figures, stay with us. i was in the ambulance and i was told to call my next of kin. at 33 years old, i was having a heart attack. now i'm on a bayer aspirin regimen. [ male announcer ] be sure to talk to your doctor before you begin an aspirin regimen. i didn't know this could happen so young. take control, talk to your doctor.
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presidential candidates reeling off a ton of stats to back up their positions, are they accurate? scott cohn, what did you hear? >> with some of the best fact-checkers in television, but did you think the candidates would be standing toe-to-toe? listen. >> in the last four years you cut permits and licenses on federal land and federal water. >> not true, governor. >> so how much did you cut them by? >> governor, we actually produced more oil. >> we have the numbers, oil production on domestic land was down in 2010, the year before the bp oil spill and last year, but over the course of the obama presidency, it was up slightly, and analysts predict it will be up slightly. but as you can see, it is slightly down, on china, both candidates talked tough, but president obama tried to paint governor romney as a hypocrite.
>> governor. >> reporter: invested in companies that were pioneers of out-sourcing to china. and is currently investing in companies that are building surveillance equipment for china to spy on its own folks n. >> that is a stretch, as governor romney pointed out. the assets are in trust, but nobody invested in out-sources while governor romney was ceo, bain capital did invest in 2011, but at least ten years after governor romney left the firm. >> we have four consecutive years when he said where he was running for office he would cut the deficit in half. instead he has doubled it. >> not really, when the president came to office in january of 2009, the congressional budget office put the deficit, a bush budget, at
1.2, so no, he didn't double it, but didn't follow up with his promise to cut it either. and president obama called the benghazi an attack and referred to it as senseless violence, and summing up, according to the transcript, he said "no acts of terror will ever shake the resolve of this great nation" you be the judge of whether or not he was saying the benghazi act was an act of terrorism. >> thanks a lot. want to bring back our panel, jared, i would love to give you first crack at this, this is going to be sliced and diced and re-played over the next few days, who wins on the sound bites, as seen not in its entirety? >> oh, which point in general -- i thought you were going to play a clip. well, look, you can slice and dice things any way you want. i think the more palpable kind
of sound bites that we're going to hear are going to be like governor romney's fumbling on the benghazi. i thought we did just get a great fact check. and i think the acts of terror, i think in the rose garden that is going to reflect very badly on the governor. i think on the -- i felt on that -- i think you're going to hear that pension thing a lot that we keep hearing, what is your pension? what is your pension? i felt like he was badgering the president there, and i don't think it will play well for him either. >> i don't know about the benghazi thing playing so poorly for the governor. what do you think -- he said one thing, he called it an act of terror, and when we actually played a tape that was not actually what the president was saying. and i wonder if the independent is going to just say the president was lying. >> i think whether it was a videotape on terror, where the
speech was -- he kept saying three and four and five times this was sparked by the videotape, and not spontaneous. >> but that was two weeks later, and everyone knew at that point that it was a clear act of terror. >> and the president wanted to move on from that question. >> to answer carl's question, when president obama said today that governor romney accuses him of using this for political purposes, i find it offensive and objectionable. i think it was one of the more important moment. >> i don't think romney was ready for that. i totally agree. i don't think romney had his ducks in line on the whole benghazi thing, going back several days, i don't think he has handled that issue very well. >> sarah, what is your take? >> i tend to agree with keith. i thought the president was really strong on libya and stronger than expected. and it was surprising, because
it is the first strong moment we've seen out of this administration on this topic. and it came at a critical time for him. i think this debate, though, largely was a wash, i think they were both strong and both had missed opportunities. i think it is not going to change the polling in any way, shape or form over the course of the next week. >> except that 47% mark at the end was true political genius, regardless of whether or not it was fair or not, to say it when romney didn't have a chance to respond, that was amazing. >> real quick on john harwood, your thoughts. >> i agree, i thought president obama had a lucky shot on the 47%, probably the most memorable moment, somebody said he has a 1-point plan, somebody expects president obama to say that over the next weeks. >> you said that was tactical. >> i wondered why he didn't mention it in the entire debate, then he gets the last question and response, he zings it. >> and the rebuttal --
>> that is why he mentioned it. >> but i must say, romney scored very heavily on the attack on the economy. >> yes. >> for sure. >> and he also scored very heavily on the fact that there is no social security and medicare entitlement care coming from obama. i'm kind of coming from sarah. >> i think it was a great debate, for sure. and foreign policy is the next big debate. >> guys, thank you so much, we'll see you tomorrow on "the closing bell," that does it for us tonight, our coverage of tonight's debate. tune in at 4. >> have a great night, you can always go to cnbc.com, "mad money" with jim cramer is next. we can all agree on one thing, higher stock prices with more than 10,000 scores in over 60 countries, don't move, "mad money" is coming up in a lot
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>> you need to get in the game. >> he is going out of business and they're nuts, they're nuts, they know nothing, "mad money," you can't afford to miss it. hey, i'm cramer, welcome to "mad money," welcome to cramerica, other people trying to make money, i'm just trying to educate you. so call me at 1-800-743-cnbc. what happens when the positive facts get in the way of the negative story? i'll tell you what happens, you
get the best back-to-back rally in ages, with the dow roaring 128 points today, s&p surging 103%, and the nasdaq rocketing 1.21%. hallelujah! >> call us up, give us your gains. let's face it, we came into this earning season with a full head of gloom. we heard over and over again the economy is slowing, the earnings have peaked and are going lower. going into a very rough period because of the spending period, and the fiscal cliff, and the lack of unemployment growth. hear, what did you want to do when you heard that? that was the rack, though, that was the thesis, that was the story. but in the last few days we were given a whole new narrative, the facts are threatening to overwhelm the tale of economic woe. first, we got this out of
nowhere, a 1.2% gain, the retail sales are like employment numbers, okay? people trade on that, the industrial, .4, that seems meagle, but better than what others expected. a 1.4% decline in august, that causes the industrial stocks to wilt on the vine. let me be blunt. the numbers yesterday, the numbers today? they were not supposed to happen. they don't fit the thesis, so how can this be? okay, you know me, i look at things from the bottom up, meaning the company level and not the top down, which means the numbers the government gives us, to me, one of the reasons i said stick with this market, don't bolt, because of the fiscal cliff, whatever you got in your head that is making you nervous is that the individual components of the broad numbers that we just got yesterday, it
is not like i'm just sitting here saying, be happy, no, i'm just stuck with the calls, consider yesterday's retail sales figure. that may have surprised the market but it didn't surprise me, why? we have been getting surprising data from the numbers that simply were not showing up in the broader numbers until now. how many times did i say from a walmart, from macy's, from management, we can back that up. from the f-corp, and from ralph lauren, we've seen incredible sales from housewares, last but not least, i know you may not even believe in anymore as the mark has gotten so negative about apple. but we have had dynamic sales from iphone 5, we know that a lot of money for these purchases from the from the low interest
ra rates that the feds supply in the economy, part of that q3 thing, the boom in mortgages and refinancing has boosted the bottom line of the three banks, j.p. morgan, wells fargo and citigroup. by the way, i'll be addressing the regime change at citi later in the show. you know the one where they said everybody was expecting this one. except i can tell you that nobody was. see, when we see the employment this week, we can't understand the department sales stores, that doesn't compute. a know a lot of people strangely don't like it. what else is partnered at retail sa sales in how about automobiles, like what is that? 14.8, no, doing ten million, nine million the year before that, that is extraordinary, they're boom-time level figures, and it doesn't fit with the
boom, because latin america, europe, and gm, but in this country? wow, they say go with the boom, the numbers say go with the boom, call me a numbers guy. we hear all about how the trading partners are struggling, you know asia is not as strong as it was. what matters is the trajectory, we know that the housing has gotten better, the oil bonanza has caused a huge amount of oil infrastructure demand. again, we have got to find it out with boots on the ground in ohio later this week, the biggest oil discovery perhaps in years. we see the orders for the aerospace companies. they had definitely been hit back in august, no doubt about that. however, the new numbers tell you that the play button has now
been pressed. and this tells we're no longer on mute, take me off mute, why are those numbers so hard to see? it is an election year, we have an incumbent president who is so reluctant to talk about how strong the data is, because we have high unemployment. i can't blame the guy, president says people are spending like mad. but it is only the rich that are doing so because you're unemployed. we have a challenger who makes the biggest points by talking about how the economy is weak, how many are jobless. so no one can either champion the facts i'm talking about, because the political story can't fly in the face of the unemployment numbers. but here is the bottom line, you and i, here, cramerica, we're not making it in like trade stuff, book in las vegas. we're investing in stock in companies that are doing better this year than last year, the one that is give us great yields, cost production, the
reality is pretty darn good. and the narrative, negativity smacks more of fiction than fact. let me paraphrase one of the history's great economists, when the facts change, i change my mind. what do you believe. let's go to bruce. >> caller: hey, boo-yah, from my place. >> what is up? >> caller: all right, i've been a long-time holder of johnson controls, and i just wonder with the automotive battery access, and would it be a spark for them, or you know, what is the story? are they just going to be flat like they have been because of their exposure in europe and asia? >> okay, while you're only one town away from asbury park, where you can't start a fire with just a spark, you don't have a spark in johnson
controls. and may i suggest you sell -- i think johnson control is going to have a mighty awful fourth quarter, positive facts and a negative story. i see it, look, i like to be negative like everybody else, too, but i'm stuck with the facts, and they're not just that bad. >> coming up, hot delivery. dominos serving the street with a better than expected quarter today. causing investors to gobble up shares, could more than 10,000 shares in over 60 countries be cooking up returns? cramer finds out, when he delivers his famous story with "mad money". >> have a question, tweet cramer #madtweets. send jim an e-mail to email@example.com. or give us a call at
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>> look at dominos's run, here is a stock that had a shaky year, spiky in the first quarter, and ever since it bottomed in june, dominos has been working its way right back up. even as the stock went higher and higher, it couldn't seem to banish the downers, though. first real catalyst, there were still these who were worried
that the company wouldn't deliver results. because obviously, dominos can deliver pizza, but today, this terrific pizza chain with countries in over 60 countries, reported spectacular numbers. stock up, 7.64%, in a single session, sounds like a takeover, dominos delivered a 2% earnings, up 3.3%, up over a very high number last year, international sales, up more, up 5%, the company's global retail sales were up a shocking 8.4%, 8.4%, remember after this, the entire quarter was before dominos launched their deep dish pan pizza i'm showing you right here. in a move to take over pizza in their own back yard. now, they started the new pizza, it is up 38% since we spoke to the ceo back on june 7th.
i said hey, listen, i think it is a great opportunity. so what should we do with the amazing opportunity? let's check in with mr. peter doyle. >> thanks, jim. >> congratulations, patrick, i have your new pizza out here, the deep dish. now i have to right you a quote "pizza hut's ceo, not terribly worried about this competition" although i see he is worried about the pepperoni in tonight's presidential debate. >> well, you know what we, we'r not paying that much on the competition, but the pan pizza category is a 6 billion category in the 30 billion dollar pizza category. and that doesn't include, you know, the frozen pizza that is sold in grocery. so we look at it, we're going after a big part of the business here, so we could go after -- >> wait a second, you have an
ad, just if you know what i'm referencing to with the debate, if somebody is asked preferred sausage or peperoni, they get a life time of pizzas. you have an ad where you're holding a frozen pizza dough, is there any chance that could be the frozen competitor's pizza dough? >> clearly it is a competitor's frozen dough, and we're making ours fresh, that is the difference. we think that is what makes it a great-tasting pizza. but you know, we're not targeting just anybody. we're looking at anybody who is using frozen dough to make their pizza. that is the big opportunity for us. and this pan pizza tastes absolutely terrific. >> all right, let's talk about something that is really remarkable. you are now, i remember you had just unleashed the apple app, which i was all excited about because we were using it at home.
you say 40% of your deliveries are now digital? >> yeah, that is right, the 40% of the sales are digital -- it just keeps moving. it is just a terrific part of our growth story the last few years and you know, it is just going to keep going. there is no question, consumers are going to keep shifting. customer satisfaction is higher when they order digitally. so that is just a terrific thing, margins are higher, revenue is better, so we're going to keep seeing people move that way. and that is a positive for us for the franchise and shareholders. >> i don't want you to disclose things you can't disclose, but could you at least give us a sense in your digital readouts, how is this new digital deep dish faring? >> can't go into the fourth quarter, and we did launch it in the fourth quarter, but what i can tell you is it tastes terrific. we're getting really good reviews from consumers out there. we make it out of a fresh
hand-made dough patty in the stores and that is what makes it so special. >> all right, again, of course, i am actually trying to get that number and i failed. but i do try, because that is my job. now, let's talk about what is going on domestically. you did say something negative on this call, usually your calls have nothing negative, but so negative store count in the country, what is going on? >> yeah, just a little bit. in the summer it tends to be -- when there is a little bit of a cleanup it was less negative than it was a year ago. we want to get back in positive territory on store counts domestically, for the year. and i think we're still going to get there. but clearly, the big story on store counts is international. and that just continues to ramp up. i mean, we're on a trailing 12-month basis, we're now between 450 and 500 stores, which is even a little over kind of our longer term guidance. so international side is terrific. domestic side was a little bit negative. but i'm not that concerned about
it. >> in all the years i have been orders dominos, i never once have been to a store, you announce they're going to re-model the store? why bother? >> yeah, you know, we have more of our customers coming in. we do about a third of our business in carryout. we go back ten years, we were still 90% delivery. so a third of the customers coming into the stores we have to give them a better experience than we were giving them. we only got about 3 dozen of the new stores rolling out. so the feedback is very positive. but you know, it is going to take a while. we're still going to play around, tweet things, but we like it. with a third of the customers coming into the store we got to give them a better experience than in the past. >> one more question, i know you say your international business is good, but you already built up your cash flow. you only brought back a little bit of stock when it was at 30.
do you, after the stock getting killed when you paid the special dividend, do you want to re-think that and pay a regular dividend. get people involved, not flipper, but people who want to invest in dominos? because that is what i want. >> you know, you're right, but we're going to run the math the same way any investor would, we're going to return capital to them, free cash flow, in whatever way is going to invest in returns. you know you look at that, there is a little bit of a dip in the second quarter on the price, but you know, we're up about 20% on the year, plus, the $3 dividend, so the shareholder return is kind of in that 30% range. and so you know, we think it has played out pretty well, and we're going to keep rewarding shareholders however. kind of, the math leads us to the best answer, so we run the numbers and we're going to do what generates the best return. >> all right, well thank you for doing a great job, patrick doyle, and please, when you come
i'm an expert on softball. and tea parties. i'll have more awkward conversations than i'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. people say there is always two sides to a story. it is just a cliche, though, most of the time there is just one side, one person is one, the other right. that is all she wrotes. the citigroup story, kind of
fits the bill. vikram pandit is on the "wall of shame" during this incident. we didn't think he was acting fast enough, getting the thumb on citigroup's jugular because of mistakes from previous administrations, not from pandit's regime. and so i saw the strategy developing that could bring the bank out of the mess, one that could merge international growth, citigroup made hundreds of billions in bad loans, sure enough, it was not easy. vikram pandit had to report toit to -- he also had to preside over citigroup, made the government 12 billion on investments, something that couldn't have happened if vikram pandit was a terrible operator.
the regulators embarrassingly rejected it. and yesterday, we got it. we got the picture-perfect quarter, all came together for vikram pandit at this company. taking major markets international. net interest margin was good. so it was a little jarring to say the least to find out that pandit was out as ceo after the university. he told the reporters he finished the job, wanted to leave all along. they said pandit got them as far as he could take them. time for change, who could better negotiate the government? corbit has tons of experience overseas. what is the truth? i think he got them to revenue growth. but he wanted to be able to tell the regulators, see you later,
they somewhat con struckively fired the guy, the frustration was finally over, pandit succeeded at last, but the die had barely been cast, this show is not about making friends but about making month. so regardless of which story you believe, pandit gave corbitt a good hand, as good as the one that was band. now, citigroup is back, and begins the process of returning capital to its long-suffering shareholders, stay with cramer.
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